The Kotak Group Shield is a life insurance plan that covers and provides benefits for not only death but critical illness, disability or terminal illness as well. The comprehensive plans have to be chosen according to the needs of an individual who wishes to get the insurance. Insurance premiums can be paid one time or annually, half-yearly, quarterly or monthly.
Eligibility Conditions for Kotak Group Shield
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Plan Options |
Easy Group Shield |
Group Shield plus Disability Benefit Group Shield Group Shield plus Disability Benefit Group Shield |
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Group Size |
50 members |
50 members |
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Age of Entry |
Min: 15 years and Max: Single Premium: 73 years, Regular premium: 70 years |
Min: 18 years and Max: Single Premium: 63 years, Regular premium: 60 years |
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Cover Cease Age |
Maximum of up to 75 years |
Maximum of upto 65 years |
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Cover Term |
Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years |
Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years |
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Premium Payment Term |
Full policy term for both single premium or Regular premium |
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Sum Assured |
For Easy Group Shield Min : Rs. 5,000 and Max : No. Limit and For Group Shield Min : Rs.25,000/- Max : No. Limit |
For Group Shield Plus Disability Benefit Min: Rs. 25,000 Max : No. Limit and For Group Shield Plus Critical Illness Min: Rs. 100,000 and Max : No. Limit |
Features of Kotak group Shield
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Plan Type |
Group Credit Level Cover Insurance Plan |
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Basis |
Floater |
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Policy Term |
Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years |
Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years |
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Coverage |
Kotak Group Shield provides protection not only in case of death of the insured but disability, Critical illness or terminal illness as well through various plans within this plan. |
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There are five options to choose from, that include: Easy Group Shield Group Shield Group Shield Plus Disability Benefit Group Shield Plus Critical Illness Benefit Joint Life Option |
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Options |
Benefit Given When |
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Easy Group Shield |
Benefit On the first Death of any of the two lives |
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Group Shield |
On Death or Terminal Illness (whichever occurs first) of any of the two lives. |
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Group Shield plus Disability Benefit |
On Death or Terminal Illness or Accidental Permanent Disability (whichever occurs first) of any of the two lives. |
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Group Shield plus Critical Illness |
On Death or Terminal Illness or Critical Illness (whichever occurs first) of any of the two lives. |
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Free look Period |
15 days from the date of first premium reciept |
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Premium Paying Modes |
Single Premium or Regular Premium |
Benefits of Kotak Group Shield
- Easy sign-up Process: The procedure to be followed for this insurance application is easy and hassle-free.
- Protects The Insured From Liabilities of Loan: It is also equivalent to an initial loan amount. In case of an unfortunate event the sum assured is sufficient enough to pay off loan liabilities.
- Various Coverage Areas Based on Various Needs: Coverage provided for death or terminal illness or critical illness or disability which are based on the option selected. In the case of occurrence of the covered event, the insured, his family or nominees.
- Tax Benefits: Tax benefits can be availed under Section 80C and Section 10 (10D) of Income Tax Act, 1961.
How Kotak Group Shield Works
There are 5 basic plans to choose from which include:
- Easy Group Shield
- Group Shield
- Group Shield Plus Disability Benefit
- Group Shield Plus Critical Illness Benefit
- Joint Life Option
Each of these plans are based on their coverage area, which may include various aspects of the event for which the insured or their family member can reap the benefits. there are several exclusions under this category. You can check for the same in the terms and conditions section of the insurance brochure.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
